Corporation Bank-Personal Loan

Corp Personal

For all your personal financial needs

1. Eligibility

Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions, Pensioners drawing pension through our Bank and individuals with income other than salary/pension

2. Purpose

To meet any genuine personal expenses relating to family functions, education, travel, marriage, medical etc.

3. Loan Amount

i) For salaried persons the maximum loan amount shall be 12 times the take-home pay, where an undertaking letter has been obtained from the employer -

[a] to route the salary through our Bank till the loan is closed in full

or

[b] to deduct and remit the loan instalments to the Bank every month until closure of the loan in full.

ii) For salaried persons whose salary is routed through our Bank, but where no undertaking letter from employer is not available, the maximum loan amount shall be restricted to 6 times the take-home pay.

iii) In case of pensioners drawing pension through our Bank, the maximum loan amount shall be restricted to 6 months' pension.

iv) In case of individuals with income other than salary/pension, the maximum amount of the loan shall be 25% of the gross annual income.

4. Rate of Interest

15.25% p.a. w.e.f 11.08.2008

5. Security

Nil

6. Guarantee

Suitable Third Party guarantee to be obtained in all cases.

7. Repayment

Within a maximum period of 60 months in Equated Monthly instalments. Total deductions [including the deduction towards the proposed Loan ] not to exceed 50% of the take-home pay.

8. Service Charges

1.50% of the loan amount subject to a minimum of Rs.500/-

BANK OF MAHARASHTRA- PERSONAL LOAN

Purpose: To meet any personal expenses for purposes such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, etc.

Eligibility: i) Salaried persons, permanent in service / professionals / businessmen having minimum income of Rs.1.00 lakh p.a.

ii) Age of Applicant: Minimum: 21 years and Maximum 60 years at loan maturity.

iii) Minimum employment: For Service Persons: Minimum 3 years in employment and minimum 2 years in the current organization.

iv) For Others: He/She must be in the business/profession for at least 3 years.

v) Individuals should be Income Tax assesses(s).

Amount: Minimum Rs. 5,000/- & Maximum Rs. 1,00,000/-

Earning Criteria

For Salaried Person: 10 times net monthly salary

For businessman/ professional:50% of average annual income based on the I.T. Returned for the past three years

Margin: Nil

Rate of interest: Click here to view the Interest Rate

Security: CLEAN Loan is to be guaranteed by one acceptable guarantor.

Repayment: Maximum upto 3 years by monthly-equated installments.

Total deductions including proposed loan installment should not exceed 60% of Gross Income.

Processing fee: Processing charges shall be 1% subject to the minimum Rs.500/-.

For other terms and conditions, please contact our nearest Branch.